A corporation that distributes a property dividend must reduce its E & P by the adjusted basis of the property less any liability on the property.

Name: A corporation that distributes a property dividend must reduce its E & P by the adjusted basis of the property less any liability on the property.
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A corporation that distributes a property dividend must reduce its E & P by the fair market value of the property, not the adjusted basis, less any liability on the property.

A Corporation That Distributes a Property Dividend Must Reduce Its